Your Guide to Buying Crypto in 2023

Step 2: How to choose a crypto exchange?

The choice of a crypto exchange should be grounded on the following factors:

Security

Assets selection

Fiat option

Fees

Passive earning

Let's review them in more detail.

Security

It's crucial, as it directly reflects on the safety of your assets. As a result, specific measures are implemented on the platform to protect against hacking attacks. These include:

Two-factor authentication

Security measures against phishing scams, attacks, etc.

Biometric login support

Amount of assets in a cold wallet

KYC standards (the need to provide a government-issued identification document before opening a new account on a cryptocurrency exchange).

Assets selection

If you're interested in buying exotic assets, the variety of trading pairs on the exchange to choose from is essential. While coins with higher market capitalization like Bitcoin (BTC), Ether (ETH), XRP (XRP) or Litecoin (LTC) are available on most exchanges, choosing a platform with many pairs increases the chances of the best new crypto to buy.

Fiat option

Decentralized exchanges are not an option if you want to buy crypto for fiat. In this case, choosing a CEX or P2P platform that supports the required fiat currency is your way.

Fees

Transaction fees are an essential consideration when selecting a crypto exchange. The leading platforms typically charge 0.2% or lower for a transaction. But remember that fees may differ based on the transaction type or coin, even on the same platform.

Passive earning

Many exchanges offer reward programs or the option to open crypto deposits to increase your wealth. Terms and bonuses vary by platform and assets.